Here Are the World's Top 10 Gold Producing Mines

Gold output across the globe hit an all-time high in 2015, climbing 1.8 percent
to 3,211 tonnes. Much of this growth was led by Mexico, whose output increased
double digits (18 percent) from 112 tonnes in 2014 to 133 tonnes last year.
Indonesia grew 20 percent, Kazakhstan 29 percent.

This year, global production is expected to level out as project development
budgets were slashed during the three-year gold bear market. But with gold
prices rebounding, miners are in a good position to be much more profitable.

Below, explore and discover the world's top 10 gold producing mines.

10.

Mine

Country

Owner

Tonnes Produced

Boddington

Australia

Newmont

2014
21.6

2015
24.7

The Boddington gold and copper deposit, located 75 miles southeast of Perth,
Australia, is the country's largest gold mine. The first gold was poured in
2009, and in 2011 Newmont produced its first one million ounces from the site.
The mining company has identified gold reserves of 19.5 million ounces at Boddington
and plans to spend half a billion dollars to expand production.

9.

Mine

Country

Owner

Tonnes Produced

Lihir

Papua New Guinea

Newcrest

2014
20.3

2015
25.0

Gold was first discovered on Papua New Guinea's Aniolam Island in 1982, and
in 1997, the first gold was poured at the Lihir project, then managed by Rio
Tinto. Australia-based Newcrest acquired the gold deposit in 2010 and has since
struggled to keep operation costs under control. The company recently announced
that expansion will cost a lot less expensive than initially thought, owing
to new processing equipment that can more easily handle sulfur.

8.

Mine

Country

Owner

Tonnes Produced

Peñasquinto

Mexico

Goldcorp

2014
17.7

2015
26.8

Wholly owned by Canadian miner Goldcorp, the Peñasquinto mine is located
in the State of Zacatecas. It's the largest open pit mine in Mexico and the
fifth largest silver mine in the world. Besides gold and silver, the project,
in operation since March 2010, also yields zinc and lead. In 2007, Silver Wheaton
entered into an agreement with Goldcorp to buy 25 percent of all silver output
for the life of the mine.

7.

Mine

Country

Owner

Tonnes Produced

Carlin

United States

Newmont

2014
28.2

2015
27.6

Whether we're talking about glittering Las Vegas casinos or mining, gold and
Nevada are nearly synonymous. The state accounts for 75 percent of total U.S.
output, and it's even estimated to be responsible for producing 3 percent of
all gold ever mined in human history. Much of this comes out of the state's
Carlin Trend, the most abundant goldfield in the Western Hemisphere. Along
the trend is Newmont's historic Carlin project, which consists of three open
pits and four underground mines. In May 2015, the company celebrated 50 successful
years of gold production at the site, which was the first in North America
to generate more than one million ounces in a single year.

6.

At more than 15,000 feet above sea level in Northern Peru, the Yanacocha project
sits atop the Andean continental divide. It's the largest gold mine in Latin
America, covering some 535 square miles. Consisting of five open pit mines,
it's been producing gold since August 1993. Ownership of the mine is split
among Newmont; Minas Buenaventura, a Peruvian company; and the International
Finance Corporation, controlled by the World Bank.

5.

Mine

Country

Owners

Tonnes Produced

Pueblo Viejo

Dominican Republic

Barrick (60%),
Goldcorp (40%)

2014
34.5

2015
29.7

A joint venture between Barrick Gold, the world's largest gold producer, and
Goldcorp, the Pueblo Viejo mine is situated in the rolling green hills of central
Dominican Republic, more than 60 miles north of its capital, Santo Domingo.
The two Canadian companies took over the project in 2012 after the Dominican
government unsuccessfully tried to mine it, with full production capacity reached
in 2014. In August 2015, Barrick entered into a streaming contract with Royal
Gold, whereby Royal agreed to front $610 million while Barrick is obligated
to deliver 7.5 percent of all gold it produces at Pueblo Viejo.

4.

Mine

Country

Owner

Tonnes Produced

Cortez

United States

Barrick

2014
28.1

2015
31.1

Barrick employs 4,000 people in Nevada, or about a third of the state's entire
mining industry labor force. Many of these people work at the company's Cortez
operation, located in central Nevada. As one of Barrick's most promising ore
bodies, the site is scheduled to receive $153 million from the company through
2020. This will help expand its underground mining capacity, allowing it to
produce an additional 300,000 ounces per year.

3.

Mine

Country

Owner

Tonnes Produced

Goldstrike

United States

Barrick

2014
28.1

2015
32.8

Since 1987, Barrick has operated the Goldstrike mine, also located in north-central
Nevada. As the largest gold mine in North America, Goldstrike employs about
1,700 people. Over the last couple of decades, workers have developed a new
way to process ore at the site, known as "total carbonaceous matter leach," which
will allow the company to repurpose lower-grade ores. The process is set to
move out of its testing phase sometime this year.

2.

Mine

Country

Owners

Tonnes Produced

Grasberg

Indonesia

Freeport-McMoRan (90%),
Government of Indonesia (9%)

2014
38.8

2015
42.3

High up in the rain-soaked mountains of Papua province, where earthquakes
are not uncommon, sits the world's largest known gold reserve and second largest
copper reserve. Roughly 18,000 people work at the Grasberg mine, for which
a village, called Tembagapura, was constructed, containing roads, housing,
schools, a hospital and an airport. Nearly a mile wide, the project consists
of both an open pit and underground operation. The company is currently in
negotiations with the Indonesian government to extend its mining contract,
which is scheduled to expire in 2021.

1.

Mine

Country

Owner

Tonnes Produced

Muruntau

Uzbekistan

Government of the Republic of Uzbekistan

2014
61.0

2015
61.0

Discovered in Uzbekistan's arid Kyzyl Kum Desert in 1958, the Muruntau gold
deposit began operations in 1967. Today, it's the largest open pit mine by
area and, at 1,900 feet deep, is the world's fifth deepest. The project, which
also contains huge deposits of turquoise and arsenic, sits atop what many geologists
believe could be the world's biggest gold reserve, with various estimates placing
the amount at between 2,500 and a mind-boggling 5,300 tonnes.

U.S. Global Investors, Inc. is an investment adviser registered
with the Securities and Exchange Commission ("SEC"). This does not mean that
we are sponsored, recommended, or approved by the SEC, or that our abilities
or qualifications in any respect have been passed upon by the SEC or any officer
of the SEC.

This commentary should not be considered a solicitation or offering
of any investment product.

All opinions expressed and data provided are subject to change
without notice. Some of these opinions may not be appropriate to every investor.

Holdings may change daily. Holdings are reported as of the most
recent quarter-end. The following securities mentioned in the slideshow were
held by one or more accounts managed by U.S. Global Investors as of 3/31/2016:
Newcrest Mining Ltd., Goldcorp Inc., Franco-Nevada Corp., Silver Wheaton Corp.,
Barrick Gold Corp., Royal Gold Inc.

Frank Holmes is CEO and chief investment officer of U.S. Global Investors,
Inc., which manages a diversified family of mutual funds and hedge funds specializing
in natural resources, emerging markets and infrastructure.

The company's funds have earned more than two dozen Lipper Fund Awards and
certificates since 2000. The Global Resources Fund (PSPFX) was Lipper's top-performing
global natural resources fund in 2010. In 2009, the World Precious Minerals
Fund (UNWPX) was Lipper's top-performing gold fund, the second time in four
years for that achievement. In addition, both funds received 2007 and 2008
Lipper Fund Awards as the best overall funds in their respective categories.

Mr. Holmes was 2006 mining fund manager of the year for Mining Journal, a
leading publication for the global resources industry, and he is co-author
of "The Goldwatcher: Demystifying Gold Investing."

He is also an advisor to the International Crisis Group, which works to resolve
global conflict, and the William J. Clinton Foundation on sustainable development
in nations with resource-based economies.

Mr. Holmes is a much-sought-after conference speaker and a regular commentator
on financial television. He has been profiled by Fortune, Barron's, The Financial
Times and other publications.

Please consider carefully a fund's investment objectives, risks, charges and
expenses. For this and other important information, obtain a fund prospectus
by visiting www.usfunds.com or by calling
1-800-US-FUNDS (1-800-873-8637). Read it carefully before investing. Distributed
by U.S. Global Brokerage, Inc.